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Marawila Resorts fiscal Q2 loss narrows YOY

Marawila Resorts PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 9 Sri Lankan cents per share, compared with a loss of 14 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 14.4 million rupees, compared with a loss of 17.3 million rupees in the year-earlier period.

The normalized profit margin climbed to negative 16.6% from negative 24.4% in the year-earlier period.

Total revenue rose 22.5% year over year to 87.1 million rupees from 71.1 million rupees, and total operating expenses decreased 6.6% on an annual basis to 80.5 million rupees from 86.1 million rupees.

Reported net income totaled a loss of 23.1 million rupees, or a loss of 14 cents per share, compared to a loss of 27.7 million rupees, or a loss of 23 cents per share, in the year-earlier period.

As of Nov. 13, US$1 was equivalent to 142.05 Sri Lankan rupees.